Diana Cabrices, founder and CEO, Diana Cabrices Consulting
April 24, 2025
4 Min Read
Financial advisors may feel as if assisting a client in selecting their healthcare proxy is beyond their purview or expertise since they aren’t healthcare professionals. But here are some tips to broach what can feel like an uncomfortable conversation that will benefit clients.
1. Don’t Assume People Know About Healthcare Proxies
Charles Thomas, III, CFP, founder of Intrepid Eagle Finance, notes that he has had clients in the medical profession who haven’t been informed about healthcare proxies. He encourages advisors not to assume that their healthcare-employed clients are familiar with and have a healthcare proxy in place.
It’s also incredibly important after a healthcare proxy has been selected to speak to people who anticipate that they should have been named the proxy, encourages D’Andrea. This can help stave off future fights over decisions.
“I have had to tell clients that no one can guarantee there will be no fighting, but we can reduce the odds and the duration with a well planned estate plan,” said Karl Leonard Hicks, founding member of The Leonard Financial Group.
2. Take Clients Through Scenarios
Given the sensitive and challenging nature of this conversation, it can be best to lead clients through examples of potential scenarios, explained Bob Chitrathorn, vice president of wealth planning at Simplified Wealth Management.
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“I have them imagine scenarios and situations and ask what they think should be done—what they think they would want done, and then ask what they think will actually get done,” he said. “That makes them think. Then I talk about what would happen if what they wanted done wasn’t done. How would they feel? Then I educate them on how to have more control over what they want done.”
3. Just Have the Conversation Already (Seriously, it’s Important)
Advisors having the conversation with their clients can start with what the clients want to have happen at the end of their lives.
“Many times the response is ‘Well, I'll be gone so I don't have to think about it’,” said Cary Bazan, an advisor with Mutual of Omaha. “Then I follow up to ask if they are still alive, but unable to mentally or physically care for themselves, then what would they like to have happen. This often opens the door to at least having these conversations more authentically.”
Advisors who discuss healthcare proxies with their clients, whether a person is selected or not, are doing their clients a service by making them aware of the potential benefits of designating a healthcare proxy.
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“This is an issue that so many people put off,” Hicks said. “We cannot make anyone do anything, but we can have an honest and straightforward conversation about the consequences of not making choices in this area.”
4. Have Clients Directly Spell Out Their Wishes
Tim Woodward, managing partner atBlend Wealth, encourages his clients, via Trust & Will, to take the time and concerted effort to express their wishes for end-of-life care.
“One powerful feature is the ability to use the ‘special instructions’ section to describe your desires in your own words,” Woodward explains of Trust & Will’s option for clients. “Doing this relieves your loved ones from having to guess. It gives them peace of mind in the hard moments knowing they’re honoring your wishes, and it helps them feel confident they’re doing the right thing.”
Why A Financial Advisor Is The Professional To Help with Healthcare Proxies
Chitra Patel, founder of WealthWorth, explains that financial advisors working with her, “take the time to understand your wishes and help you articulate them clearly through documents like a healthcare directive, HIPAA authorization and living will. Our goal is to ensure your loved ones aren’t left guessing in moments of crisis—and that your voice is honored, even when you can’t speak for yourself.”
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Is there a value to having this discussion with a financial advisor rather than at a healthcare facility? Patel notes that it’s about living a cohesive life that includes a person’s legacy.
“By incorporating these discussions into the broader financial planning journey, we make sure that your legacy reflects your values, while giving you and your family the peace of mind you deserve,” she said.
Chitrahorn describes designating a healthcare proxy as part of “comprehensive financial and life planning.”
“It’s a hard conversation to have, but clarity and direction are one of the most meaningful gifts you can leave behind for the people you love the most,” Woodward said.
